LED lighting manufacturer Cree has released its financial results for 2012.The results show that the US company increased its revenues from$243m to$306.8m in the fourth quarter of 2012,an improvement of 26 per cent.
For the full financial year 2012,which ended 24 June,total sales of$1.16 billion were achieved,representing an 18 per cent increase on the 2011 fiscal year,largely due to the company's acquisition of Rudd Lighting last year.
GAAP net income for the fourth quarter was$10.0 million–a decrease of 49 per cent year on year.On a non-GAAP basis,net income for the fourth quarter showed a decrease of 4 per cent.
Company overheads such as those associated with the acquisition of Ruud Lighting had a negative effect on net profit for the year with GAAP net income at$44 million,a decrease of 70 per cent compared to$147 million for the 2011 fiscal year.
Commenting on the results,Cree chairman and CEO Chuck Swoboda said:"We finished the year strongly in our fiscal fourth quarter with record revenue and non-GAAP earnings per share on the high end of our target range.Overall,LED lighting adoption continues to increase and we remain focused on being the leader in innovation to grow our business by enabling our customers to realise the tremendous benefits of LED technology.While we are encouraged by our progress,the macroeconomic environment is impacting our growth outlook in the near term."
Outlining expectations for the first quarter of 2013,the company said it expects revenue to be within a range of$305m to$325m.
